Can I change my LIC premium amount?

Asked by: Eliza Connelly Sr.  |  Last update: February 11, 2022
Score: 4.5/5 (45 votes)

Currently, it is NOT possible to change your policy premium payment mode ONLINE. You shall either post the letter along with your identity proof, addressing to the Branch manager or you shall submit these documents to the LIC Branch office in person.

Can I reduce my LIC premium amount?

There are limited ways to reduce the premium of life insurance policy but is possible. The amount of coverage you purchase, the inclusion of riders and. The challenge is that there are some things about yourself that you simply cannot change.

How can I change my LIC premium payment?

When the policyholder wants to decrease the frequency of premium installments in a policy year (from monthly to yearly, from half yearly to yearly or from monthly to half yearly etc). It will be done by policy holder by writing a letter to LIC OF INDIA and NO fee will be paid in this case.

Can we change LIC premium paying term?

Changes such as corrections for misrepresentations, removal of extra premium, reduction in premium paying term (without any change in policy term), revocation or charge in trustees, etc., can be done without paying any fees to the company.

Do I get money back if I cancel my life insurance?

Do I get my money back if I cancel my life insurance policy? You don't get money back after canceling term life insurance unless you cancel during the free look period or mid-billing cycle. You may receive some money from your cash value if you cancel a whole life policy, but any gains are taxed as income.

LIC Policy में प्रीमियम का Mode चेंज करवाते हुए मत करना ये गलती | LIC Agents ध्यान दें |

19 related questions found

What happens if I stop paying LIC premium after 10 years?

If the PPT is less than 10 years (even if the actual policy term is 25, 30 years), the policy will acquire a surrender value if the premium has been paid for at least two years. For single premium policies, the surrender value gets acquired after the first year itself.

What happens if I stop paying LIC premium after 3 years?

So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.

How can I change my LIC policy to electronic?

Submit e-Insurance Account Opening Form along with the KYC documents to the nearest Approved Person Alternatively, you may submit the form along with supporting documents to the branch of Insurance Company for which you hold insurance policy.

Do LIC agents pay first premium?

Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

How do I cancel my LIC policy?

How To Surrender LIC Policy
  1. Original policy bond documents.
  2. Request for surrender value payment.
  3. LIC Surrender form- form 5074.
  4. LIC NEFT form.
  5. Bank account details.
  6. Original ID proof like Aadhar card, pan card or driving license.
  7. A cancelled cheque.
  8. Hand-written letter to LIC stating the reason to discontinue.

How can I cancel LIC policy in one year?

How to Cancel Policy After 1 Year?
  1. Fill the NEFT and LIC forms respectively.
  2. Submit your original policy documents along with the photocopy of your PAN card.
  3. Write a handwritten letter to LIC stating why you wish to discontinue this policy. ...
  4. The refund amount applicable will be paid once your application is processed.

What happens if I stop paying LIC premium after 4 years?

Life Insurance

Term: If you stop paying premiums, your coverage lapses. Permanent: If you have this type of policy, you will have the following choices: Cash out the policy. This means that you can stop paying the premium and collect the available cash savings.

What is LIC agent salary?

The average salary for a LIC Agent is ₹ 1.9 Lakhs per year in India, which is at par with the average salary of LIC Agent at Life Insurance Corporation Of India which receives a salary of ₹ 1.9 Lakhs per year.

What if my LIC agent dies?

In a case of the death of an agent, the commission payable to him shall be payable to the Nominee or Legal Heir of the Agent.

Can I change my LIC policy agent?

There is no need and no provision to change your LIC agent, as there is no contract between you and an LIC agent. As far as a policyholder is concerned, the contract is with insurance company. ... You have to contact concerned LIC office or nearby LIC office for specific details.

Can we add LIC policy in NSDL?

People having more than one insurance policies in life segment with LIC can have one single account with which they can manage all those insurance policies at Central Insurance Repository Limited (CIRL), SHCIL Projects Limited, Karvy Insurance Repository Limited, NSDL Database Management Limited and CAMS Repository ...

What is Nir online?

It has named its insurance repository as NSDL National Insurance Repository (NIR). NIR will facilitate holding of all type of insurance policies in electronic form in a single e Insurance Account (eIA).

Can LIC policy be demat?

Hence, if you are considering investing in LIC IPO, then you must have a Demat account. If you already have an existing Demat account, then you will have to update your Demat details with LIC, if you do not have a Demat account you are required to open one.

Is LIC better than FD?

Fixed deposit is always a better option to invest as it is purely designed for your investment and savings related needs. ... Fixed deposits are best for both short- and medium-term investments whereas life insurance plans are designed for long term investments.

What happens if you don't pay LIC premium after 5 years?

In case of ULIP (unit-linked insurance plan), if you skip paying the premium in the first five years or during the lock-in period, the policy is considered lapsed. Your benefits move to a discontinuance fund and is payable only after the lock-in period.

Can we surrender LIC policy online?

First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. ... The reason for this is, your all policy documents like proposal forms, loan details and all other details will be available at servicing branch only.

How much will I get if I surrender my LIC policy?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Can I surrender LIC policy in any branch?

The LIC policy can only be surrendered at the branch, where it's currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it. This will add time for the surrender process.

How can I check my LIC policy surrender value?

How to Check the Surrender Value of your LIC Policy? You can calculate the surrender value of your policy using this simple formula [Basic sum assured (Number of premiums paid/Total number of premiums payable) + Total bonus received] x Surrender Value Factor.

Is it worth to become LIC agent?

2] Attractive Remuneration: LIC offers one of the best remuneration systems in the industry that not only takes care of your current earnings, but also guarantees an earning for the future. As LIC agent, you can set your own income targets with a potential to earn as much as you want for the rest of your life.